Trench Town Residents Become Proud Homeowners

Owning a home is a significant achievement in the life of any person and for 12 residents of the Trench Town Housing Scheme in South St. Andrew, who recently achieved that milestone, it was a dream come true.

The residents joined the ranks of proud homeowners, when they were presented with titles to properties, which they occupy, having completed payments of their loans with the National Housing Trust (NHT).

There were hugs, humongous smiles, and tears of joy from relatives and friends as they received their titles during a ceremony held in the community. The handing over was part of an ongoing project by the NHT to regularise occupancy of units originally handed over in 1976 to mortgagors, who bought into the scheme, but later abandoned the units.

New homeowner, Paul Winter, who has been residing in the community for some 40 years, says the initiative ensures that low income earners can take advantage of the various opportunities offered by the NHT. “Everybody needs a home. I have one now, and I am very proud,” he tells JIS News.

Mr. Winter used the opportunity to encourage the residents, who have outstanding loans, to take advantage of the initiative while it is ongoing.

“I’m saying to all my community members, who have not (finished paying their loans) that they should do it because it is a great opportunity and it is very good for all of us,” he tells JIS News.

Audrey Jacobs, another homeowner, says that having lived in the community for many years, she feels privileged to finally acquire her own home.

She notes that this acquisition will boost her economic standing as it can be used as collateral for various transactions.

In expressing thanks on behalf of her fellow homeowners, Lorraine Williams says “it’s a good pleasure to all homeowners this evening to receive their title. I am sure it makes each of us feel responsible and proud."

Minister of Transport, Works and Housing, Hon. Dr. Omar Davies, in congratulating the residents, notes that the receipt of a title to their own home is a significant milestone.

“You are now homeowners, you are equivalent to anybody in Cherry Gardens, Mona Heights or Hope Pastures…it is therefore your obligation and responsibility to ensure that your community meets certain standards (to ensure that the value of the property does not diminish)…you have an investment (which) you should protect…it is a very important change in your lives,” he states.

Dr. Davies, who is also Member of Parliament for the area, encourages the other 44 residents in the Trench Town Housing Scheme to take advantage of the opportunity so that they too can become homeowners.

“We need to strengthen home ownership in the urban areas of Kingston and St. Andrew because I believe that one of the reasons for the decay, which has afflicted so much of our country, is when owners leave those units either to relatives or for renting and they cannot collect the rent, so there are no repairs taking place and I think it is important that we begin, bit by bit, to increase the number of owners and persons, who care,” he says.

In May 2002, the Trust offered occupants first preference to buy the units at market price. They were required to: indicate interest in purchasing the unit by signing the ‘Interest to Purchase’ form; make a 15 per cent deposit; agree to and honour a payment arrangement to settle the balance; sign the instrument of transfer and any other legal document upon settling the full purchase price; and finally collect the title for the unit.

By November 2007, the loan portfolio was reduced to 73 accounts, which valued $4 million in loans and interest.  The portfolio was further reduced to 56 accounts in September 2009, with a value of approximately $2.7 million in loans and interest.

Managing Director, NHT, Cecile Watson, informs that the Trust determines the purchase price of the units based on the market value at the time the new mortgagors pay the deposit.

She says the selling price for the current purchasers is $145,000 providing they complete the sale process by May 31, 2012, adding that the cost thereafter will be $180,000.

Mrs. Watson informed that the Trust will continue to offer the special regulation programme until March 31, 2013. The Trench Town Housing Scheme is one of five communities in which the exercise is being undertaken. The other schemes are: Denham Town, Beverly Gardens, Central Kingston and Tawes Pen.

By Chris Patterson, JIS Reporter